MyCRA Lawyers has been established. Here at MyCRA Lawyers we feel so passionately that this change is the BEST WAY FORWARD for credit repair. Why? Because individuals need strong advocates when disputing their credit reporting issues, but those advocates need to be held accountable. In the absence of any formal regulation of the credit repair industry, the Director of MyCRA has made the significant decision to incorporate a Law firm operating under the overarching framework of an Incorporated Legal Practice, under the Legal Profession Act 2007. The fact is, credit repair is really necessary –but it is not formally regulated or recognised – and sometimes that can hinder the dispute process. In this post, I outline why one of the pioneer companies in credit repair have taken the industry knowledge and experience and “raised the bar” – and created MyCRA Lawyers, and the benefits for you.

By Graham Doessel, Non-Legal Director of MyCRA Lawyers.

There are so many reports of shonks and cowboys operating in credit repair. The stories out there in the press can horrify, and ultimately they can hurt the industry.  But what those criticisms shouldn’t be doing is overshadowing the importance of consumer advocates as players in credit reporting. And make no mistake, consumers need advocates in the credit reporting process as the system currently stands, and in my opinion even more so coming into comprehensive credit reporting with further changes in March next year.

The benefits of your credit repairer being a lawyer

I discuss the added benefits a lawyer can bring to credit repair as guest blogger for The Adviser magazine – a publication for mortgage and finance brokers. You can read the full post, titled ‘Why your preferred credit repairer needs to be a lawyer’ on The Adviser website.

Below is an excerpt from this post:

Apart from offering a framework for regulation, it also offers significant benefits for credit repair:

•    A lawyer can act in court processes including the removal of Judgment and Writ services, a non-lawyer cannot act in these proceedings;
•    A lawyer can identify legal issues and give your client advice on these;
•    A lawyer can prepare binding agreements, conduct formal negotiations and then follow through with enforcement where necessary;
•    A lawyer can make formal recommendations to Credit Providers making reference to the law, and making representations on the client’s behalf.

Those credit repairers currently performing the above tasks without a practising certificate may be treading dangerous ground.

•    A submission from a lawyer to a Credit Provider will be taken seriously. If requests are ignored real consequences can be deployed.

You can check if a credit repair firm is an Incorporated Legal Practice with the relevant Law Society (there’s one in each State).

Why we’ll continue to advocate for accurate credit reporting

We mean business when it comes to helping those disadvantaged by credit rating mistakes.

People all over the country are suffering at the hands of credit reporting mistakes, errors and ommissions. The result is five years of bad credit. Five years being locked out of finance – unable to get a home loan, or even a mobile phone plan.

It doesn’t have to be a big amount which the Credit Provider claims is owed to create that default, nor does it need to be a serial offence.

There are many more ordinary Australians who are being punished with that credit death-sentence due to one-time oversights; Credit Provider errors; and unsettled disputes. Even accounts of $100 can see them locked out of credit.

A recent survey by credit reporting agency Veda Advantage revealed 80% of Australians have never checked their credit file. We have certainly found this survey to be a pretty accurate reflection of credit file awareness. Most people are simply not checking whether their credit file is accurate or fair and if it contains mistakes, they don’t even know about it until they apply for credit and are refused.

Myself and Legal Practitioner Director MaryAnn Armstrong – Principal Solicitor see it as being vitally important to continue to promote credit reporting awareness in the community, and continue to act as that voice of advocacy in matters of credit reporting as they affect consumers. And in the process, we will also be using the arm of the law to affect change on a case by case basis in areas of credit reporting inconsistency.

How we can help you

MyCRA Lawyers are offering a free credit check to readers who have never checked their credit rating. Visit http://freecreditrating.com.au/.

If you are currently experiencing credit issues, a more in-depth Credit File Analysis can also be obtained – call MyCRA Lawyers on 1300 667 218 for more details. If you need our credit dispute services, MyCRA Lawyers’s pricing model comes at a fraction of the cost of many other legal services.

Image: Salvatore Vuono/ www.FreeDigitalPhotos.net